The Naira recorded gains against the U.S. dollar yesterday in both the parallel market and the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency appreciated to ₦1,525 per dollar, improving from ₦1,530 per dollar recorded on Monday.
Similarly, data from the Central Bank of Nigeria (CBN) showed that in the NFEM, the exchange rate strengthened to ₦1,506.5 per dollar, compared to ₦1,513 per dollar on Monday. This represents an appreciation of ₦6.5 for the Naira within the official window.
As a result of these movements, the gap between the parallel market and NFEM widened slightly, standing at ₦18.5 per dollar, up from ₦17 per dollar on Monday.
